Serenity Upgrade Will Give Ethereum Thousand Fold Increase In Transactions Per Second

Vitalik Buterin, the co-founder of Ethereum, told an audience in Prague that the network is preparing for the next upgrade to the second largest blockchain network.

Initially dubbed Ethereum 2.0, Serenity upgrade is intended to bring better speed, increased security, energy efficiency and an astounding 1000x increase in transaction handling speed.

“Serenity is the world computer as it’s really meant to be,” Buterin explained, “And not a smartphone from 1999 that can process only 20 transactions a second.”

Serenity upgrade has been in the works for a long time. Buterin and his team were forced to push the upgrade in the background due to multiple issues that kept plaguing the Ethereum ecosystem. Perhaps the most prominent was the DAO hack, which led to a split in the Ethereum community on how to handle it and eventually, the Ethereum fork. Buterin compared that incident to the Hindenburg in order to emphasis the impact of the hack and network split.

With Serenity, the plans for a hybrid Proof of Work (PoW) and Proof of Stake (PoS) plan has been finally dropped. Now, only the energy efficient PoS will be implemented. This means token holders will be able to stake their coins on the blockchain to secure the network. In return, they will be awarded with more coins as new blocks are generated.

The network efficiency will be further enhanced with sharding technology. Sharding will essentially allow computers on the network to share their load and data for verification, thus increasing efficiency. With Serenity implementation coming soon, Buterin explained that he and his team are already working on the next minor upgrades to the PoS model, which will allow even more energy efficiency on the network.

When Buterin left the stage, another speaker came forward and explained about “onboarding the next one million developers”. He explained the plan to induct more developers is directly related to the expansion of Ethereum. He said that such a massive induction is necessary to bring Ethereum forward and fulfill its role and potential.

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